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Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. The magnetic stripes on traditional credit and debit cards store contain unchanging data. That’s a computer chip, and it’s what sets apart the new generation of cards. It’s that small, metallic square you’ll see on new cards.
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Why are EMV cards more secure than traditional cards? Want to know more about the transition and your new chip-equipped card? Here are more frequently asked questions to help you understand the changes. Most of all, it means greater protection against fraud.Īpproximately 120 million Americans have already received an EMV chip card and that number is projected to reach nearly 600 million by the end of 2015, according to Smart Card Alliance estimates. For consumers, it means activating new cards and learning new payment processes. “It’s an important step forward.”įor merchants and financial institutions, the switch to EMV means adding new in-store technology and internal processing systems, and complying with new liability rules. “These new and improved cards are being deployed to improve payment security, making it more difficult for fraudsters to successfully counterfeit cards,” says Julie Conroy, research director for retail banking at Aite Group, a financial industry research company. card issuers are migrating to this new technology to protect consumers and reduce the costs of fraud. In the wake of numerous large-scale data breaches and increasing rates of counterfeit card fraud, U.S. EMV - which stands for Europay, MasterCard and Visa - is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.